Tata Motors seems to have hit a bump today. The stock price slipped over 3% to Rs.170.15; it has recovered from there but continues to remain at Rs.171 levels, down over 2%. Its 52-week low is at Rs.164.55.
The stock price is down after global rating agency downgraded the credit rating of the company and its British arm Jaguar Land Rover Automotive.
Tata Motors' issue credit rating and senior unsecured notes rating have been revised to 'BB-/negative watch' from the existing 'BB' due to weaker profitability at JLR.
This comes close on the heels of Moody’s downgrade of its rating last week from stable to negative as it too expected weak operating performance from JLR.